Atletico Madrid hope to end Chelsea's interest in star striker Falcao by offering the Colombian a new and improved contract.
Blues owner Roman Abramovich is ready to meet the player's £46million release clause in January and the 26-year-old has hinted he wants to move to Stamford Bridge.
Falcao only joined Atletico last summer and his current deal runs to 2016, but the club hope that improved terms will convince the player to stay, according to talkSPORT.
A new deal would also included a higher release clause for a player who is considered by most to be the best striker in world football at the moment.
The former Porto and River Plate man is enjoying a prolific season in front of goal.
He took his tally to 13 goals in nine league games by scoring on Sunday night's 3-1 win over Osasuna and he also netted a memorable hat-trick against Chelsea in the European Super Cup back in August.
Falcao is seen as the last piece in the jigsaw for Roberto Di Matteo's new-look side with the Chelsea boss and Abramovich remaining unconvinced by current first-choice striker Fernando Torres.